The US hipbone is connected to the Indian thighbone, thanks to outsourcing:
First Magnus Halts Loans, Citing `Collapse’ of Mortgage Market
By Jody Shenn
Aug. 16 (Bloomberg) — First Magnus Financial Corp., the second-largest privately held U.S. mortgage company, stopped lending after bids for its home loans disappeared.
“In light of the collapse of the secondary mortgage market, First Magnus will not fund any future mortgage loans,” the company said on its Web site. “We explored all options before taking this action but were left with no viable alternatives.”
WNS Announcement on First Magnus
MUMBAI, INDIA & NEW YORK, August 16 /CNW/ – WNS (Holdings) Limited (NYSE: WNS), a leading provider of offshore business process outsourcing (BPO) services announced today that following its earnings call earlier today it was verbally advised by First Magnus Financial Corporation, one of its customers in the mortgage business, that they expect to stop substantially all work WNS does for them. First Magnus was expected to account for approximately 5% of WNS’s revenue less repair payments for the period between 1 July 2007 and 31 March 2008. WNS expects that this event will have a material adverse impact on its financial performance and the guidance it had issued earlier today. WNS is in the process of evaluating the impact of these events in detail and will release revised guidance as soon as possible.